High-Grade Assay Results From Drilling At Selebi North Underground Mine

TORONTO - Premium Nickel Resources Ltd. reported on high-grade assay results for a further six holes from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana. Drill core photos for all highlighted holes released to date. An initial Mineral Resource Estimate (MRE) for the Selebi Mine referred to in this release and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101).

Assay highlights include: 1) SNUG-24-123 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) 13.85 metres of 6.08% CuEq or 2.95% NiEq (1.29% Cu, 2.33% Ni, 0.12% Co). 2) SNUG-24-131 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources) 7.25 metres of 7.48% CuEq or 3.63% NiEq (1.89% Cu, 2.71% Ni, 0.11% Co), incl. 1.80 metres of 10.27% CuEq or 4.99% NiEq (1.86% Cu, 4.09% Ni, 0.14% Co). 3) SNUG-24-133 (between N2 and N3): infill drilling targeting re-classification of Inferred to Indicated Resources) 8.20 metres of 5.41% CuEq or 2.63% NiEq (2.20% Cu, 1.56% Ni, 0.08% Co).

Keith Morrison, CEO, said, "Together with these assays, we have reported on approximately 13,930 meters drilled at Selebi North since the MRE cut-off date of June 30, 2024. The ongoing exploration at the Selebi North deposit consistently demonstrates exceptional high-grade polymetallic assay results including cobalt. In addition to continued resource drilling, the Company is progressing on engineering trade-off studies that will support our first NI 43-101 compliant economic model. These studies include metallurgical workflow improvement, testing the application of X-ray transmission ore-sorting for underground pre-concentration to optimize the lifting capacity at the Selebi Mines, and mining methods and options to increase the throughput from both the Selebi North and Selebi Main deposits."